Mr. Malcolm Davidson reports
SPEAKEASY ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Speakeasy Cannabis Club Ltd. has arranged a non-brokered private placement of up to 5,405,405 units of the company at a price of 37 cents per unit for aggregate gross proceeds of up to $2-million.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share at a price of 60 cents for a period of 12 months from the closing of the offering. The units will be made available by way of prospectus exemptions in Canada and in such other jurisdictions as the company may determine and where the units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
It is anticipated that the proceeds of the offering will be used for working capital and general corporate purposes.
Closing of the offering is expected to occur on or about Aug. 31, 2020, and is subject to regulatory approval, including that of the Canadian Securities Exchange.
All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About Speakeasy Cannabis Club Ltd.
Speakeasy holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act. Speakeasy owns 290 acres of land in Rock Creek, B.C., and leverages three generations of farming experience in British Columbia, as well as its favourable location to grow and process high-quality cannabis products at low cost. Speakeasy cultivates small-batch, high-quality craft cannabis in its 10,000-square-foot indoor facility and its licensed 60-acre outdoor field.
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